Shadow Banks and Macroeconomic Instability

被引：54
|
作者：
Meeks, Roland [1 ]
Nelson, Benjamin [1 ]
Alessandri, Piergiorgio [2 ]
机构：
[1] Bank England, Monetary Anal Directorate, London, England
[2] Banca Italia, Financial Stabil Directorate, Rome, Italy
来源：
JOURNAL OF MONEY CREDIT AND BANKING | 2017年 / 49卷 / 07期
关键词：
credit cycles; shadow banking; securitization; central bank asset purchases; FINANCIAL CRISIS; MONETARY-POLICY; DSGE MODEL; INTERMEDIATION; CREDIT;
D O I：
10.1111/jmcb.12422
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We develop a macroeconomic model in which commercial banks can offload risky loans to a "shadow" banking sector, and financial intermediaries trade in securitized assets. The model can account both for the business cycle comovement between output, traditional bank, and shadow bank credit, and for the behavior of macroeconomic variables in a liquidity crisis centered on shadow banks. We find that following a liquidity shock, stabilization policy aimed solely at the market in securitized assets is relatively ineffective.
引用
收藏
页码：1483 / 1516
页数：34
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